Hudson's Bay Company announces early termination of HSR Act waiting period in connection with its... -- TORONTO, Aug. 30, 2013

Hudson's Bay Company announces early termination of HSR Act waiting period in connection with its proposed acquisition of Saks Incorporated

TORONTO, Aug. 30, 2013 /CNW/ - Hudson's Bay Company (TSX: HBC) ("HBC" or
the "Company") is pleased to announce today that it has been notified
by the Premerger Notification Office of the U.S. Federal Trade
Commission of the early termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR
Act") applicable to HBC's proposed acquisition of Saks Incorporated
(NYSE: SKS) ("Saks"), first announced in July 2013.

The HSR Act provides the U.S. federal government with the opportunity to
engage in a prior review of the potential effects on competition of
certain mergers, acquisitions or other consolidations.

HBC and Saks announced on July 29, 2013, a definitive merger agreement
whereby HBC would acquire all of the issued and outstanding shares of
Saks for US$16.00 per share in an all-cash transaction valued at
approximately US$2.9 billion, including debt, through a merger of an
indirect wholly-owned subsidiary of the Company and Saks. The early
termination of the HSR Act waiting period satisfies the condition to
the completion of the proposed acquisition relating to the expiration
or termination of any applicable waiting period under the HSR Act. The
proposed acquisition remains subject to approval by the stockholders of
Saks, as well as other customary closing conditions.

About Hudson's Bay Company

Hudson's Bay Company, founded in 1670, is North America's longest
continually operated company. In Canada, HBC operates Hudson's Bay,
Canada's largest branded department store with 90 locations,
unsurpassed in its fashion, beauty, home and accessory designers and
brands, as well as thebay.com. HBC also operates Home Outfitters,
Canada's largest home specialty superstore with 69 locations across the
country. In the United States, HBC operates Lord & Taylor, a department
store with 48 full-line store locations throughout the northeastern
United States and in two major cities in the Midwest, and
lordandtaylor.com. With approximately 29,000 associates in Canada and
the U.S., HBC's banners provide stylish, quality merchandise at great
value, with a dedicated focus on service excellence. Hudson's Bay
Company trades on the Toronto Stock Exchange under the symbol "HBC".

Forward-Looking Statements

There can be no assurance that the acquisition of Saks will close. No
securities will be offered or sold in the United States or to U.S.
persons absent registration under the U.S. Securities Act of 1933 or
the availability of an applicable exemption from such registration.
This press release does not constitute a solicitation of an offer to
purchaser, or an offer to sell, securities in the United States or
elsewhere. This press release does not constitute a solicitation of
any vote or approval.

Information in this press release that is not current or historical
factual information may constitute forward-looking information,
including with respect to the timing and completion of the Offering,
the Equity Commitments and the acquisition. This information is based
on certain assumptions regarding expected growth, results of
operations, performance, and business prospects and opportunities.
While the Company considers these assumptions to be reasonable, based
on information currently available, they may prove to be incorrect.
Forward-looking information is subject to a number of risks,
uncertainties and other factors that could cause actual results to
differ materially from what the Company currently expects. These risks,
uncertainties and other factors include, but are not limited to:
credit, market, currency, operational, liquidity and funding risks,
including changes in economic conditions, interest rates or tax rates,
the timing and market acceptance of future products, competition in the
Company's markets, the growth of certain business categories and market
segments and the willingness of customers to shop at the Company's
stores, the Company's margins and sales and those of the Company's
competitors, the Company's reliance on customers, risks and
uncertainties relating to information management, technology, supply
chain, product safety, changes in law, regulations, competition,
seasonality, commodity price and business disruption, the Company's
relationships with suppliers and manufacturers, changes to existing
accounting pronouncements, the ability of the Company to successfully
implement its strategic initiatives, changes in consumer spending,
managing HBC's portfolio of brands and HBC's merchandising mix,
seasonal weather patterns, economic, social, and political instability
in jurisdictions where suppliers are located, increased shipping costs,
potential transportation delays and interruptions, the risk of damage
to the reputation of brands promoted by the Company and the cost of
store network expansion and retrofits, compliance costs associated with
environmental laws and regulations, fluctuations in currency and
exchange rates, commodity prices, the Company's ability to maintain
good relations with its employees, changes in the law or regulations
regarding the environment or other environmental liabilities, the
Company's capital structure, funding strategy, cost management programs
and share price, the Company's ability to integrate acquisitions and
the Company's ability to protect its intellectual property.

For more information on these risks, uncertainties and other factors the
reader should refer to the Company's filings with the securities
regulatory authorities, including the Company's annual information form
dated April 30, 2013, which is available on SEDAR at www.sedar.com. To the extent any forward-looking information in this press release
constitutes future-oriented financial information or financial
outlooks, within the meaning of securities laws, such information is
being provided to demonstrate the potential of the Company and readers
are cautioned that this information may not be appropriate for any
other purpose. Other than as required under securities laws, the
Company does not undertake to update any forward-looking information at
any particular time. The reader should not place undue importance on
forward-looking information and should not rely upon this information
as of any other date. All forward-looking information contained in
this press release is expressly qualified in its entirety by this
cautionary statement.